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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
The major components of property, plant and equipment, net were as follows:
December 31,
  (dollars in millions)
20232022
Land and leasehold improvements$51.7 $52.0 
Buildings and improvements168.5 163.9 
Machinery, equipment, fixtures and software334.3 299.8 
Construction in process66.7 50.3 
Total property, plant and equipment621.2 566.0 
Accumulated depreciation (324.3)(288.8)
Property, plant and equipment, net$296.9 $277.2 
For 2023, 2022 and 2021, the Company recorded depreciation expense of $42.6 million, $41.6 million and $39.7 million, respectively. 
In January 2021, the Company sold a dormant facility in New Jersey, included in its Electronics segment, and recognized a gain of $3.9 million in "Selling, technical, general and administrative" in the Consolidated Statements of Operations. In connection with the sale, the Company received $19.0 million in the first quarter of 2021 which is included in "Other, net" in the Consolidated Statements of Cash Flows as a cash inflow from investing activities.